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I've mostly ignored IE7 up to this point, because as a corporate developer I have remained bound by all of the limitations of IE6. But since IE6's demise seems eminent I decided to do a quick review of what we'll gain when it finally bites the big one.

Alpha channel PNG support(I've been avoiding transparent PNGs until now because the IE6 work around was such a pain)

:hover on all elements not just on anchor tags (Woohoo! no more rapping DIVs and images in anchors)